Rico Auto has announced its first quarter results. The company Q1 revenues were down 6.7% at Rs 180 crore versus Rs 193 crore. Its PAT was up at Rs 2.6 crore versus Rs 61 lakh. Its OPM was up at 11% versus 10.6%;
Arvind Kapur, Managing Director of Rico Auto Industries, said that he saw the FY10 turnover at Rs 1,000 crore. He added that they aimed to achieve a FY10 profit after tax (PAT) of Rs 40–50 crore and added that they were targeting an EBITDA margin of 15%. Kapur expects Rico Auto's revenues from Maruti to grow by 15–20%.
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